Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cu...
SINGAPORE - Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were at $67.92 per barrel at 0643 GMT, 6 cents above their last close. Brent hit a four-month high of $68.69 per barrel on Thursday. Economic growth has slowed across Asia, Europe and North America, potentially denting fuel consumption. “We believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June,” RBC said.
Iranian crude oil shipments have averaged just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April.
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